NEW YORK, Dec. 30 (GenomeWeb News) - Hycor Biomedical yesterday said it had signed an agreement with privately held Stratagene to extend the deadline for closing its proposed merger with the company until Feb. 27, 2004.
All other terms of the merger agreement, announced in July and originally expected to close in the fourth quarter of 2003, remain the same, according to Hycor.
Hycor said that the extension would permit Stratagene to complete work required to restate its financial statements for the year ended Dec. 31, 2002, and to complete a review of its financial statements for the nine months ended Sept. 30, 2003. The restatement of the S-4 form that Stratagene originally filed in October 2003 "primarily involves accounting for currency transactions in a different manner than Stratagene had previously recognized," according to a Hycor statement.
The financial restatement is expected to result in a moderate improvement to Stratagene's previously reported financial results for the year ended Dec. 31, 2002, Hycor said.